Former Senate President, Bukola Saraki, has recalled challenging the executive over foreign loan requests, insisting that the National Assembly had a responsibility to scrutinise the purpose and impact of every borrowing proposal.
Naijaonpoint reports that the former Senate President made this known on Tuesday during a panel discussion at the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, on “Development Policies—Withdrawal of the U.S. from International Development: Opportunities and Challenges.”
While reflecting on his years as Senate President between 2015 and 2019, Saraki said he championed fiscal accountability, open budget hearings, confronting unremitted revenues held outside the treasury system, and working on petroleum sector governance reform.
Saraki stressed that he received significant political pushback because the system was not designed to support proper scrutiny of purpose or impact.
He said, “During my tenure as Senate President, we placed strong emphasis on fiscal oversight, introducing open budget hearings, confronting the issue of unremitted revenues held outside the treasury system, and working on petroleum sector governance reform.
“These were not easy fights. But they were necessary ones, because the alternative is permanent external dependency.
“I experienced this firsthand when, as Senate President of Nigeria, I challenged the executive on foreign loan approvals and received significant political push-back because the system was not designed to support proper scrutiny of purpose or impact.
“Many of these loans were accepted as if they were free gifts, yet repayment obligations remained.”
The former governor of Kwara State argued that Nigeria’s tax-to-GDP ratio of about six per cent is among the lowest globally for an economy of its size, warning that continued reliance on foreign aid and external borrowing would undermine the country’s economic sovereignty.
According to Saraki, African countries must strengthen domestic resource mobilisation and build stronger institutions rather than depend on development assistance.
He added, “Tax-to-GDP ratios across Sub-Saharan Africa average approximately 15.6 per cent, compared to an OECD average of 34 per cent.
“Nigeria’s is approximately six per cent, one of the lowest in the world for an economy of its size.
“This is a political choice. And political choices can be changed by political leadership.”
